臺大管理論叢 NTU Management Review VOL.29 NO.1

229 NTU Management Review Vol. 29 No. 1 Apr. 2019 Table 6 Results of Assets Impairment Recognized and Reversals in Earnings Informativeness---PSM Sample Examination R t = β 0 + β 1 X t-1 + β 2 X t + β 3 X t3 + β 4 R t3 + β 5 IM t + β 6 IM t *X t-1 + β 7 IM t *X t + β 8 IM t *X t3 + β 9 IM t *R t3 + β 10 LEV t + β 11 MB t + β 12 SIZE t + ε t R t = β 0 + β 1 X t-1 + β 2 X t + β 3 X t3 + β 4 R t3 + β 5 IM t + β 6 IM t *X t-1 + β 7 IM t *X t + β 8 IM t *X t3 + β 9 IM t *R t3 + β 10 REV t + β 11 REV t *IM t *X t-1 + β 12 REV t *IM t *X t + β 13 REV t *IM t *X t3 + β 14 REV t *IM t *R t3 + β 15 LEV t + β 16 MB t + β 17 SIZE t + ε t Model IM model REV model Variables β β ( t -value) β ( t -value) Constant β 0 0.350 (0.27) 0.421 (0.34) X t-1 β 1 -0.786 a (-8.89) -0.779 a (-7.71) X t β 2 1.069 a (6.04) 1.057 a (5.79) X t3 β 3 0.146 b (2.31) 0.142 b (2.22) R t3 β 4 -0.161 a (-3.25) -0.158 a (-3.18) IM t β 5 -0.971 (-0.85) -1.307 (-1.06) IM t *X t-1 β 6 7.583 (1.61) 7.035 (1.63) IM t *X t β 7 -5.798 b (-2.43) -6.614 a (-2.80) IM t *X t3 β 8 5.742 a (2.79) 7.498 a (2.97) IM t *R t3 β 9 0.119 (0.10) -0.607 (-0.45) REV t ---/β 10 0.116 (1.33) REV t *IM t *X t-1 ---/β 11 -16.323 (-0.57) REV t *IM t *X t ---/β 12 33.079 (1.26) REV t *IM t *X t3 ---/β 13 -22.023 (-1.50) REV t *IM t *R t3 ---/β 14 1.835 (0.89) LEV t β 10 /β 15 -0.748 a (-3.13) -0.751 a (-3.15)